Equity Residential Properties Equity Residential Properties Trust is the largest publicly traded owner, operator and developer of multifamily residential properties in the United States, and can cite its 200,000 apartments in 1,000 properties as proof that it's America's No. 1 apartment company. Its total revenues grew 31.1% in 1999, to $1.75 million. Its 1999 funds from operations were 35% higher, at $619,603, over 1998's total. The figures represent the company's sixth consecutive year of record growth.
A major focus in 1999 was acquiring properties in markets with high barriers to entry and attractive demographics. In Boston, Equity Residential acquired more than 1,700 units, including Longfellow Place, whose twin 38-story towers make it the largest single asset purchase in the company's history. Merging with Lexford Residential last year brought Equity Residential 36,609 units in 402 properties in 16 states.
To add value for its residents and maximize their term as renters, the company is developing marketing partnerships with service providers, such as telephone carriers and cable television companies. It is also rolling out a new resident perk called the "Rent with Equity" Program in which residents are offered the opportunity to apply up to 20% of their monthly rent to the purchase price of a home. Other marketing efforts focus on B2B opportunities for corporations needing temporary housing for their employees.
David Santee, executive vice president Eastern Division, accepted on behalf of Equity Residential Properties Trust.